(Alliance News) - Gooch & Housego PLC on Tuesday said it acquired life sciences firm GS Optics LLC for up to USD15.7 million.
This includes an initial cash consideration of USD11.3 million, funded from existing resources, alongside USD2.6 million in new Gooch & Housego shares, the company said.
Somerset-based Gooch & Housego said this is alongside a deferred deferred contingent cash consideration of up to USD1.8 million, payable based upon GS Optics' performance in 2023.
The photonics components and systems maker said the deal expands its commercial footprint in the US life sciences sector and extends its capabilities into polymer optics.
Gooch & Housego said GS Optics specialises in the custom design and manufacture of precision polymer optics for use in the biomedical, machine vision and analytical instrument markets.
This is alongside military and civilian night-vision and visible-range sighting applications, Gooch & Housego said.
"Combining the capabilities of GS Optics with the global reach of G&H's commercial and engineering teams will accelerate the group's growth in optical solutions for the Life Sciences market and some specific A&D and industrial applications," Gooch & Housego said.
Gooch & Housego Chief Executive Officer Charlie Peppiatt added: "GS Optics is a high quality business with a strong customer base and differentiated technology. This strategic acquisition will accelerate the group's growth plans in the North American life sciences market whilst also adding to our A&D and industrial activities. The acquisition is in line with our recently announced new strategy to become an innovative customer focused technology company."
Shares in Gooch & Housego closed down 0.6% to 636 pence each in London on Tuesday.
By Greg Rosenvinge, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Gooch & Housego (GHH)